Ripple to Hire Managing Director For RippleNet Payment Network in Europe
Blockchain firm Ripple, who is facing legal battles with SEC, has posted a vacancy to fill a managing director position.
According to the job posting, the ideal candidate will manage its cross-border payments network in Europe.
The firm wants to expand its presence in the European market and is seeking a qualified individual to be in charge of that effort.
The new hire will be reporting directly from the company’s office in London to Asheesh Birla, the general manager of RippleNet.
The new hire will be charged with building strategic partnerships in the European region, according to the job post. They will also coordinate with other regional general managers, represent the blockchain giant in the media, and support government relations.
According to the posting, the ideal candidate should have at least 15 years of experience in the fintech industry. Other requirements include the capacity to lead cross-functional teams and deep knowledge of the global payments industry.
Ripple still in serious legal issues
While Ripple is still pushing for more dominance in Europe, the firm faces one of the worst challenges in its existence in the United States. The U.S. Securities and Exchange Commission (SEC) has come down hard on Ripple, claiming the XRP token is a security in late December.
Ripple, which says it’s a “proud U.S. company,” may make an earlier move to gain considerable market in Europe if its business in the U.S. goes sour.
Before the SEC’s lawsuit, Ripple said it is considering moving its U.S.-based global headquarter to another country with a more favorable environment to its business. Switzerland and the U.K. were two destinations that were repeatedly mentioned.
As a result of the legal issues in the U.S., Ripple’s token XRP has dropped considerably XRP 12.85% XRP / USD XRPUSD $ 1.59
$0.2012.85% Volume 12.98 b Change $0.20 Open $1.59 Circulating 45.4 b Market Cap 72.21 b 7 h SEC Moves To Expunge XRP Holders From Ongoing Ripple Lawsuit With Latest Filing 8 h Bitcoin and Ether Aren't the Top Traded Crypto's on Binance Or the Biggest South Korean Exchange 2 d Due to Increased Demand, Social Trading Platform Firm eToro Now Supports DOGE . Several top exchanges have also suspended the trading of the token on their platform.
Providing a streamlined cross-border payment system
Despite the current turmoil surrounding Ripple, the company is still taking giant strides to expand its operations. Recently, the firm has signed a deal to provide a remittance corridor between Bangladesh and Malaysia with RippleNet.
According to the deal, Bangladesh’s bKash will offer direct connections to Malaysia’s Mobile Money wallet. The former is considered the largest mobile financial services provider with more than 45 million users. These connections will be made possible through the RippleNet platform.
RippleNet is the digital network powered by the Ripple Transaction Protocol (RTXP). The platform helps financial institutions facilitate payments and transactions with one another.
RippleNet utilizes the scalable distributed ledger technology to offer financial solutions to institutions. It is completely controlled by appointed validators that act as permissioned nodes. These validators accept transactions on the platform when they agree that the transaction in question is by the set rules.
The partnership will enable Malaysia to expand its user-base in Bangladesh by about 20%. Ripple said it wants to bring convenience and greater connectivity to the Bangladesh population, offering them a well-structured and streamlined cross-border payment system.